By Nick Aziz

Tuesday, Nov 4th, 2008 @ 2:45 pm

Shortly after unveiling its CS Concept, BMW announced plans to build a production version code named 'Gran Turismo.' But today the automaker announced it has been forced to cancel the project, which was expected to be on sale in the next two years under the 8-Series nameplate.

Speaking at a press conference early Tuesday, BMW CEO Norbert Reithofer said profitability has to become a new focus at the German automaker in light of declining sales and a global finical downturn.

"The sharper focus on profitability will result, amongst other things, in product decisions being revisited," said Reithofer. "As a result, the BMW Group will no longer produce a series version of the Concept CS since this vehicle does not meet the internal requirements for rates of return."

"All our actions are based on careful consideration and foresight. It does not make sense to build up stocks which are bound to reduce our revenues later on," he said. "We also have a commitment to our dealerships and the well-being of the company."

The production CS was being worked on exclusively by the company's M division. A 6.0L V12 based on the M5's V10 was rumored to be the car's top engine choice.

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